I hate my stupid student loans so much. Then one day I'm complaining to a friend of mine about them and he said, "Oh, I just didn't pay mine." Apparently, he simply never gets a tax return, but he doesn't mind just because he doesn't have to deal with mailing checks every month.
― Sarah McLusky (coco), Wednesday, 30 April 2003 13:40 (twenty-one years ago) link
― Ed (dali), Wednesday, 30 April 2003 13:41 (twenty-one years ago) link
consolidation just means you're consolidating all the loans into one single debt, where you send in one check to one place, instead of one check to each lender.. sometimes you can also fix a lower interest rate with it, or lower your monthly payments (but ultimately pay more in interest, etc)..
the scary thing about consolidating is that you can only do it once. it's not like credit card debt, where you can bounce it around to different cards if one card's interest rates change. once you consolidate, you're stuck with that company, as far as I know.. did any of that make sense?
― miriam (serrano), Wednesday, 30 April 2003 14:12 (twenty-one years ago) link
― Nordicskillz (Nordicskillz), Wednesday, 30 April 2003 14:18 (twenty-one years ago) link
― Mary (Mary), Wednesday, 30 April 2003 18:32 (twenty-one years ago) link
― Ed (dali), Wednesday, 30 April 2003 18:37 (twenty-one years ago) link
― Sarah McLUsky (coco), Wednesday, 30 April 2003 18:41 (twenty-one years ago) link
― Mary (Mary), Wednesday, 30 April 2003 18:41 (twenty-one years ago) link
― Maria (Maria), Wednesday, 30 April 2003 19:16 (twenty-one years ago) link
― Tep (ktepi), Wednesday, 30 April 2003 19:18 (twenty-one years ago) link
i can't imagine payments preventing anyone from getting jobs they wanted, unless you wanted to do something relatively low paying but felt that you couldn't afford to do with large loans to pay off--
― Mary (Mary), Wednesday, 30 April 2003 19:21 (twenty-one years ago) link
― di smith (lucylurex), Wednesday, 30 April 2003 21:40 (twenty-one years ago) link
― Mandee, Wednesday, 30 April 2003 21:50 (twenty-one years ago) link
― jess (dubplatestyle), Wednesday, 30 April 2003 21:53 (twenty-one years ago) link
― Ally (mlescaut), Wednesday, 30 April 2003 22:07 (twenty-one years ago) link
― jess (dubplatestyle), Wednesday, 30 April 2003 22:08 (twenty-one years ago) link
― Ally (mlescaut), Wednesday, 30 April 2003 22:09 (twenty-one years ago) link
― jess (dubplatestyle), Wednesday, 30 April 2003 22:09 (twenty-one years ago) link
― Ally (mlescaut), Wednesday, 30 April 2003 22:12 (twenty-one years ago) link
― jess (dubplatestyle), Wednesday, 30 April 2003 22:17 (twenty-one years ago) link
― Mandee, Thursday, 1 May 2003 18:29 (twenty-one years ago) link
― Ally (mlescaut), Thursday, 1 May 2003 18:43 (twenty-one years ago) link
― nabisco (nabisco), Thursday, 1 May 2003 18:51 (twenty-one years ago) link
Well, yes, but it's still got me a bit worried, esp. since I know he's just not good with the figures. Thank goodness he'll have a good job waiting for him.
― teeny (teeny), Thursday, 1 May 2003 18:53 (twenty-one years ago) link
Total student loan debt as a grad student, thus far: $45K.
That'll keep going up even if I get the funding I'm hoping for at the school I want; few assistantships pay a living wage.
This is all justified by my hopes of a bestseller :)
― Tep (ktepi), Thursday, 1 May 2003 18:56 (twenty-one years ago) link
Debt sux.
― J (Jay), Thursday, 1 May 2003 19:25 (twenty-one years ago) link
Current school = $22,000 tuition and board - $15,000 scholarships - $2,000 out of pocket paid by parents = $5,000 in debt per school year.I've been in that school for two years, have $10k of debt under my belt.
School I want to transfer to = $30,000 tuition and board, don't know how much financial aid I'm going to receive from them.
So I have $20k if I stay at the one school, and the possibility of $70k in debt if I transfer. But I very much prefer the other school to the one I'm at right now. Am I stupid to entertain the possibility of taking on this much student debt, or does it not particularly matter compared to the prospect of staying on at a school I don't like? Input is much appreciated.
― justin s., Thursday, 1 May 2003 19:50 (twenty-one years ago) link
Justin S. I don't think it matters very much at all where you go to school undergrad, unless you are going for a very specific reason. But if it's just general liberal arts, I would say suck it up and finish it out with less debt. I just have this fear of ever being in debt and do everything possible to keep from ever owing anyone money and so far its worked.
― Carey (Carey), Thursday, 1 May 2003 19:52 (twenty-one years ago) link
― Mandee, Thursday, 1 May 2003 20:25 (twenty-one years ago) link
― nabisco (nabisco), Thursday, 1 May 2003 20:53 (twenty-one years ago) link
― kephm, Thursday, 1 May 2003 20:54 (twenty-one years ago) link
― justin s., Friday, 2 May 2003 04:27 (twenty-one years ago) link
My ambition in life right now is to be a professor in the liberal arts, so I had better get used to financial strife :/
― justin s., Friday, 2 May 2003 04:29 (twenty-one years ago) link
Yeah, but look at it that way: it's not like most profs came from rich families. The professors I've talked to have, most of them, taken out tons in loans, and it's not like they're making much -- but they get it paid.
― Tep (ktepi), Friday, 2 May 2003 04:31 (twenty-one years ago) link
― Dan I., Friday, 2 May 2003 04:38 (twenty-one years ago) link
― gareth (gareth), Friday, 2 May 2003 09:10 (twenty-one years ago) link
― mark s (mark s), Friday, 2 May 2003 09:57 (twenty-one years ago) link
― Chris V. (Chris V), Friday, 2 May 2003 10:50 (twenty-one years ago) link
Barring that type of spartan existence, the easiest way of making the debt end is to die, since student loans are dischargable on death. Generally, student loans are not dischargable in bankruptcy, although I am aware of one case where they were discharged because the debtor was mentally ill. A few years ago, there was a big problem with people defaulting on their loans -- specifically, doctors and lawyers. I believe this trend has subsided, but I'm not sure about that.
Because student loan debt has become so outrageous in recent years, it's very easy to get loan forebearances now, at least from the William D. Ford program. Plus, as has already been stated, the interest is tax-deductible - my payment is about $380/month, $300 of which is interest. That's primarly due to the graduated repayment plan I'm on, but it's not entirely unusual either.
I'm just planning on paying the off debt forever, and I consider it a cost of doing business. It's not so bad. And someday, I may get lucky and be able to wipe a bunch of it out.
― J (Jay), Friday, 2 May 2003 12:07 (twenty-one years ago) link
― Ally (mlescaut), Friday, 2 May 2003 12:41 (twenty-one years ago) link
― Tep (ktepi), Friday, 2 May 2003 15:14 (twenty-one years ago) link
Nobody should feel bad for law school students and their massive loans; they make plenty of money from the get-go, and the top tier of firms will pay off the loans entirely after a few years. (If they're public defenders or something, then yes, please feel sorry for them.)
My personal consolation is that the typical first-novel advance is, at present, way way bigger than my total debt could possibly end up. These advances are ridiculous and sinking the publishing industry, but I hope they keep handing them out for at least three or four more years.
― nabisco (nabisco), Friday, 2 May 2003 15:42 (twenty-one years ago) link
If you can get away with it, lie about your age (no matter what it is). Young Authors are all the rage now :)
― Tep (ktepi), Friday, 2 May 2003 15:46 (twenty-one years ago) link
― Mandee, Friday, 2 May 2003 16:13 (twenty-one years ago) link
...which, in this day and age, is a completely bullshit statement. Obviously my ire is not directed at you, because you're right, that IS their excuse. You can get any fucking aid at all if you are under 25, unless you are in graduate school, because they think your parents should pay for you. My parents have no money whatsoever and I ran away from home--yeah, they're really gonna pony up the $15-20k, especially with ALL THREE OF MY SISTERS being in school too.
There's just no way around it. I had a long chat with the girl at the financial aid office, and basically she told me, yeah, you should be independent even under their own rules (extraordinary situations include run aways, regardless of whether or not I speak to my parents now), but I'd have to involve psychologists and social workers and the police reports from my past to get this done! I'm like, this just isn't worth it, I got a year and then I'll be declared age-independent...
It's just bullshit. As I've said many times previously: surely I am not the only person under 25 in the entirety of the United States who does not live off mommy and daddy. I know quite a lot of people in my age range who entirely support themselves! It's a system that seems hellbent on keeping the less-wealthy classes (ie those whose parents can't afford to pony up educational costs) down and the borgeouise up, and it seems totally counterintuitive to our much vaunted "American Dream" crap.
< /end annoyance>
― Ally (mlescaut), Friday, 2 May 2003 16:32 (twenty-one years ago) link
― fletrejet, Friday, 2 May 2003 16:35 (twenty-one years ago) link
fletrejet, I did the straight into work thing and am smashing my head badly against a glass ceiling. This could just be my company but I don't think it is. In this economy, they look for excuses not to hire people or to let them go...*sigh*
― Ally (mlescaut), Friday, 2 May 2003 16:36 (twenty-one years ago) link
Preaching to the choir, believe me. As an undergrad, they took my father's income into account; he's a millionaire who, per the divorce agreement, has no financial responsibility for me, who set up a (small, gone the first year of Hampshire) trust fund in lieu of such, and who stopped filing taxes in the 80s, and from whom I haven't seen a dime since he stopped paying my allowance when I was 13. My mother is a civil servant who was making under $20K at the time -- two-thirds of Hampshire's tuition. I got no aid except a $300 loan.
― Tep (ktepi), Friday, 2 May 2003 16:38 (twenty-one years ago) link
Over a lifetime, it results in $1 million less in income -- Time quotes that every year when they do their "go to these schools" article. Very few people don't end up making up for their loans, and then some.
― Tep (ktepi), Friday, 2 May 2003 16:40 (twenty-one years ago) link
It's still bullshit anyway, this responsibility/non-responsibility. Say some deadbeat dad is legally required to pay, but doesn't. WHAT is the kid supposed to do to get the money out of the guy? It should just be the parent who lives with you. WHICH IS ALL IRRELEVANT BECAUSE 18 YEAR OLDS SHOULD NOT BE LIVING OFF THEIR PARENTS ANYWAY. I mean you can go to war, vote for president, and buy cigs, per the government, but you are still considered a child to the same government if you need help from them.
Ugh, it's disgusting.
― Ally (mlescaut), Friday, 2 May 2003 16:43 (twenty-one years ago) link
I've got about £900 left to pay on a loan I started paying back in 2002. I swear I borrowed no more than about £15-18k at the time but have been paying back upwards of £100 or more a month. Bonkers
― Urbandn hope all ye who enter here (dog latin), Thursday, 23 December 2021 10:18 (two years ago) link
paused again through 8/31
― the cat needs to start paying for its own cbd (map), Tuesday, 5 April 2022 19:29 (two years ago) link
nice, paused until just before the election, smart
― Karl Malone, Tuesday, 5 April 2022 19:30 (two years ago) link
I’ll believe it when I see it, but apparently Biden just chopped off $10,000 off of everyones’ student loans, which would automatically make him the single greatest president in the history of the United States including the future.
― Mr. Snrub, Wednesday, 24 August 2022 18:41 (one year ago) link
that is 8 months rent. it's in a similar ballpark to capping out of pocket spending for drugs at 2,000. a toss of rice out of the bag. your hyperbole is ridiculous.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 18:53 (one year ago) link
i'm not a number jockey so idk how exactly it compares but the public service loan forgiveness program is a lot more dramatic if you're, say, a post office employee for 10 years.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 18:58 (one year ago) link
that being said i think there's a decent chance the repayment start keeps getting extended, which is much more enticing to me personally than $10k.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 19:00 (one year ago) link
Continually delaying repayment until a Republican President has to be the one to make everyone start paying is the such a political gimme.
― papal hotwife (milo z), Wednesday, 24 August 2022 20:02 (one year ago) link
Guess it depends how in debt someone is. I'm eligible in my job, but am only ~$15 grand in debt. So with minimal payments i'd be paid off before loan is forgiven. Coworker is like $100 grand in debt so he's absolutely going for the forgiveness
― Half Japanese Breakfast (outdoor_miner), Wednesday, 24 August 2022 21:29 (one year ago) link
does anyone know if there are limitations re where you can apply this 10k (i.e. govt loans vs private bank loans)
― J0rdan S., Wednesday, 24 August 2022 21:29 (one year ago) link
just for federal loans
― Half Japanese Breakfast (outdoor_miner), Wednesday, 24 August 2022 21:35 (one year ago) link
right outdoor_miner that makes sense, admittedly blinkered by the massive amount of debt i have.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 21:40 (one year ago) link
student loan relief decision from SCOTUS due this month:
https://www.forbes.com/sites/adamminsky/2023/05/17/huge-student-loan-forgiveness-decision-is-only-weeks-away---key-details
― budo jeru, Wednesday, 7 June 2023 14:27 (eleven months ago) link
really got to stop referring to it as 'forgiveness'
― nashwan, Wednesday, 7 June 2023 14:41 (eleven months ago) link
fuck my life
― Mr. Snrub, Friday, 30 June 2023 15:25 (ten months ago) link
ja
― budo jeru, Friday, 30 June 2023 16:02 (ten months ago) link
https://www.youtube.com/watch?v=MmMnISN3e3E
― budo jeru, Friday, 30 June 2023 21:41 (ten months ago) link
from the us politics thread:
https://prospect.org/education/2023-07-05-biden-administration-begins-student-debt-relief-plan-b/
― budo jeru, Wednesday, 5 July 2023 21:04 (ten months ago) link